BC2.44 In July 2024, the IASB issued Annual Improvements to IFRS Accounting Standards - Volume 11, which amended paragraph 2.1(b)(ii). Stakeholders informed the IASB about a lack of clarity related to how a lessee accounts for the derecognition of a lease liability. Some stakeholders said that when a lease liability has been extinguished in accordance with IFRS 9, it was unclear whether the lessee was required to apply paragraph 3.3.3 and recognise any resulting gain or loss in profit or loss. The IASB decided to clarify this issue by amending paragraph 2.1(b)(ii) to add a cross-reference to paragraph 3.3.3. The amendment clarifies that, when a lessee has determined that a lease liability has been extinguished in accordance with IFRS 9, the lessee is required to apply paragraph 3.3.3 and recognise any resulting gain or loss in profit or loss.
BC2.45 Some stakeholders asked the IASB to clarify the interaction between IFRS 9 and IFRS 16 Leases - specifically, how a lessee distinguishes b
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